Iran’s Oil Minister Massoud Mirkazemi announced today that the country’s known oil reserves have reached 150 billion barrels [SHANA News Agency, 11 October]. Mirkazemi has also announced the discovery of a new gas field, Sefid (“White”) in southern province of Hormozgan. Sefid reportedly contains 70 billion cubic meters of gas.
Monday, October 11, 2010
Iran Oil: 150 Billion Barrels
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The fact that Iran has this much energy reserves is incredibly sweet news to my ears. Iran is blessed and its resources are in ever increasing demand and Iran is competing and beating out many companies in the ME region and showing why its an industrial,military and political juggernaut to be respected.THe US and China+ India's energy use is only increasing in the future and so the sanctions will get grinded out of eventually.Lack of technology for Iran's oil industry is an issue and i hope Iran can focus some of its engineering expertise on the petroleum industry's equipment and technology.If Iran can't produce enough crude, its finances suffer,so this to me makes good sense.Iraq might have more oil than Iran, but here's the catch! can Iraq really remains as one country for the next lets say 10 years? i doubt it.So IF Iraq can stay as a united country, its oil production will reach Iran's levels and pass Iran, but that isn't very likely in my view in the mid to long term.Coming from Nigeria, i see many parallels between Iran and Nigeria-big, resourceful, wealthy, cultural,but yet imperfect,problems,etc, so this is all very interesting to me.
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